India Luxury Car Market 2023 | Industry Share, Size, Growth and Forecast 2028

According to the latest report by IMARC Group, titled, “India Luxury Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The India luxury car market is expected to exhibit a growth rate (CAGR) of 6.1% during 2023-2028.

A luxury car is classified as a passenger and conventional vehicle designed with advanced applications and equipment to provide passengers with enhanced comfort. It offers superior competence, possesses high-quality interiors, and is equipped with leather seats and progressive devices, including cameras, maps, sensors, an anti-kidnapping heartbeat monitor, upgraded suspension, etc., as compared to standard medium-sized automobiles. In line with this, a luxury car has starlight headliners, trunk hinges, and entertainment and safety systems, which provide better service and optimal safety while enhancing overall vehicle performance. It is commercially available in the internal combustion engine and electric propulsion types. Consequently, a luxury car is gaining extensive traction in India.

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India Luxury Car Market Trends and Drivers:

The expanding automotive sector and the growing consumer safety concerns are primarily driving the India luxury car market. Additionally, the launch of various favorable policies by government bodies to promote the utilization of premium electric vehicles (EVs) as a sustainable mode of transportation for cutting down carbon emissions is further catalyzing the market growth. Besides this, the escalating demand for luxurious autonomous cars with advanced features and security arrangements, on account of the inflating levels of disposable income, is acting as another significant growth-inducing factor. Moreover, the emerging trend of purchasing used luxury cars, owing to their lower entry price, easy access to financing, minimal annual maintenance contracts, etc., is augmenting the market growth across the country. Apart from this, they are also integrated with personal voice assistance, artificial intelligence (AI)-enabled vehicle systems, retina recognition, hands-free connectivity, global positioning systems (GPS), etc. Furthermore, the introduction of variants that are embedded with electric vehicle components is anticipated to fuel the India luxury car market over the forecasted period.

India Luxury Car Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

  • The competitive landscape of the industry has also been examined along with the profiles of the key players.

The report has segmented the market based on vehicle type, fuel type, price range and engine capacity.

Breakup by Vehicle Type:

  • Hatchback
  • Sedan
  • Sports Utility Vehicle

Breakup by Fuel Type:

  • Gasoline
  • Diesel
  • Electric

Breakup by Price Range:

  • Entry-Level
  • Mid-Level
  • High-End
  • Ultra

Breakup by Engine Capacity:

  • Upto 3,000 CC
  • Above 3,000 CC

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India

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Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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